Kenya’s public debt has reached $51.7 billion according to the country’s 2019 medium term debt management strategy.
The document was tabled in parliament last week.
The report indicates that 50.9 per cent of Kenya’s total debt is in foreign currency with the debt maturity standing at an average of 16.9 years.
Local media reports that the debt level is now close to the country’s Gross Domestic Product, GDP which is estimated at $79 billion.
The report reveals that the east African country’s weight average interest rate is 7.7 per cent with average interest for external debt at 4.4 per cent while that of domestic loans is at 11.6 per cent.
World Development Indicator estimates Kenya’s population at between 49.7 million and 51.7 million, averaging slightly above 50 million.
The World Bank had in the past blamed Kenya for not honoring its obligations when it comes to debt management strategy.
It blamed the country for always publishing impressive debt management plans which it fails to operationalize.
Meanwhile Kenya has announced moves to raise some $1 billion through a syndicated loan over the next one month.
The move comes on the back of warning for the country to reduce its appetite for borrowing considering rising pressure for it to clear credit maturing in the first half of the year.
The new loan expected from at least three commercial lenders is being arranged by the Trade and Development Bank and Standard Bank.
